How do I prepare for a career in real estate?
Talk with agents in the business. Ask lots of questions. This will help you assess whether a career in real estate is for you.
Once you have made the decision to begin your real estate career, the first thing you must do is obtain a Colorado real estate license. Successful completion of a 168-hour salespersons pre-license course and passing the state exam is required. You can attend any number of real estate schools or you can complete the course at your own pace via computer.
All real estate salespersons must be affiliated with a real estate broker. If you have not affiliated with a broker by the time you pass the state exam, your license will be kept with the Colorado Real Estate Commission until you activate it by affiliating with a broker. While taking the pre-license course, you'll want to interview with several real estate brokerage firms. Click here for questions to ask when interviewing a broker.
Once you are licensed and affiliated with a broker, you will be licensed only until December 31st of the year you pass the examination. You will then have to renew on January 01 of the preceding year for a 3 year period.
The Colorado Real Estate Commission also requires that all licensees continue learning by taking continuing education courses. You will be required to complete 24 hours of continuing education credit during each 3-year license renewal period. Within each year a state mandatory 3-hour continuing education course must be completed.
FREQUENTLY ASKED QUESTIONS
1. How do I get a real estate license?
Be at least 18 years of age.
Be a high school graduate or the holder of an equivalency degree (GED).
Successfully complete a 168-hour pre-licensing course, including a final exam for the course.
Pass a state licensing examination.
2. How do I take the pre-license course?
You can take the pre-license course at an approved school in a classroom setting or take a computer-based course at home. Our studies have found that classroom education leads to a significantly higher pass rate and more complete knowledge base of the industry.
When you successfully complete the course, you will be required to take a state exam. If you pass the state exam you will be issued a salespersons license. You must be affiliated with a broker who will actually hold your license.
3. How long is the course?
In a classroom setting, it can be approximately four to six weeks depending on whether you take day or evening/weekend classes. For the computer-based course, you will be allowed six months to complete the course. However, most students complete it much sooner. It is a 168 -hour course.
4. How do I choose a company?
It is important for you to choose a company that meets your expectations in terms of training, technology, office support, and reputation in the marketplace.
5. What will it cost me to get started?
There are several start-up costs when beginning your real estate career. Some fixed costs include: the pre-license course, the state exam & license fee. You may need to make an investment in technology tools such as a cell phone, laptop computer, database software, etc. New agents should always have at least 6 months of expenses in reserve. It can take a few months to get your business going.
6. How soon can I expect to generate income?
The exciting thing about a career in real estate is that you are limited only by your imagination. Some new agents are selling homes in the first couple of months while others may take a little longer to get their client base established. Serious persons interested in truly making a carrier change should consider our pre-license business training along with the pre-license training under the tutelage of a Mentor. Our studies have shown that first year income for these type of students is over 1000% higher than the traditional "past first-work second" brokers. Some of our mentees are earning money well before passing their exam.
7. What is required to be successful in real estate?
Dedication, hard work, and a great attitude! The most successful agents are also highly motivated and outgoing. That's right...if you don't plan on working 40 hours + a week, keep your day job!
8. Is it important for me to be technologically savvy?
To be successful in today's competitive marketplace, it is vital to utilize the technology tools available that will help you to be more productive and efficient. We provide a monthly training schedule to teach agents how to use our unique software programs and become more tech-savvy. Our systems and software have been featured in national as well as local news publications. We offer one of the most sophisticated technology platforms available.
9. What type of equipment will I need to get started?
While interviewing brokers, first determine what is available to you in the office environment. Also note that cellular phones, pagers, laptop computers, and PDAs (Palm Pilots and Pocket PC) are all tools of the leading agents today. Consider these items when planning your budget. Unless you choose a networked company such as ours, you will need to allow for a complete software budget. No additional software is needed at Meridian Metro Brokers.
10. What can I expect to make in my first year? Second? Third?
A career in the real estate industry offers the benefits and advantages of running your own business. You decide how many hours you want to work and how much money you want to make and the best part is that your earning potential is unlimited! No one determines your salary or your raises.
11. Can I still continue doing what I am doing while I transition into my real estate career full-time?
In today's competitive marketplace, it is no longer a viable option to work part-time in real estate. However, some agents do have a transition period while obtaining their license.
QUESTIONS TO ASK US
We suggest you print these Top 25 questions out to take with you as a reminder when interviewing with Managing Brokers.
What type of Business training do you offer and how often?
Tell me about your support staff and their positions.
Do you have a licensed staff or is licensing required?
What type of CRM (customer relationship Management) software do you provide?
What type of IDX display, company web sites are available to agents?
What type of ongoing CE (continuing Education) is available?
Do you have a customer, client accessible transaction management site?
What type of office equipment is available to me and what are the charges?
Are there any additional expenses to me other than my commission split or monthly fee?
What do you offer in the way of real technology?
Do you have a on-site, turn-key marketing department?
What is your average office list price? Office sales price?
Do you offer email-based FAX and voice mail attachments?
Do you offer private DID (Direct inward Dial) phone numbers?
Do you offer broker and client showing notifications via e mail?
Do you offer a WIFI (wireless) office network?
Can I work remotely (at home) with all needed business software?
What type of Mentor Programs are available?
How much is your IT technical support per hour?
Are you a paperless or paper-based office?
What type of software do you provide for your brokers?
Can I originate Mortgages? Do you offer Mortgage Training?
Does your office provide all software needed to operate your real estate business?
What is your transaction average per broker?
Do you provide PDA/SmartPhone support and synchronization for office applications?